KeyCorp Gets Regulatory Approval To Complete Merger With First Niagara Financial

(RTTNews) - KeyCorp (KEY) and First Niagara Financial Group Inc. (FNFG) announced that KeyCorp has received regulatory approval from the Federal Reserve to complete the merger with First Niagara Financial Group.

The merger of First Niagara into KeyCorp is expected to be completed on or about August 1, 2016, pending the satisfaction of customary closing conditions. Systems and client conversion is expected during the fourth quarter of 2016, subject to pending regulatory approval by the OCC for the merger of First Niagara Bank into KeyBank.

First Niagara, headquartered in Buffalo, New York, had $40 billion in assets and $30 billion in deposits as of March 31, 2016, and approximately 390 branches in New York, Pennsylvania, Connecticut, and Massachusetts. The planned acquisition was originally announced on October 30, 2015.